WorksheetsFinancial Math Final Exam
Total questions: 52
Worksheet time: 26mins
Name
Class
Date
1.
Which of these is a true statement?
a)
Planning for long-term goals is not as important as determining daily expenses.
b)
Personal ambitions and goals need to align with the financial prospects of a chosen career.
c)
Financial security is always more important than career interest and satisfaction.
d)
Daily living expenses must be met before you can plan long-term goals.
2.
Which of the following is true of college?
a)
College costs money, but community college and trade schools are free.
b)
College is the only way to get ahead in life.
c)
College may help you fulfill your personal and career goals.
d)
Attending college is a guarantee of personal happiness.
3.
What is one difference between a Bachelor's degree and an Associate's degree?
a)
an Associate's degree is usually free
b)
a Bachelor's degree requires more time and credits
c)
an Associate's degree is only offered for business subjects
d)
a Bachelor's degree is not useful for the sciences
4.
Which of the following benefits has the potential to earn you the most money?
a)
401k or other retirement program
b)
child care benefits
c)
free lunch program
d)
two weeks paid vacation time
5.
Which of these is a form of earning?
a)
wages
b)
theft
c)
a lottery win
d)
an inheritance
6.
Which of the following benefits has the potential to earn you the most money?
a)
401k or other retirement program
b)
child care benefits
c)
free lunch program
d)
two weeks paid vacation time
7.
Which employee benefits are not required by law?
a)
family leave
b)
minimum wage
c)
wellness
d)
unemployment
8.
Which of the following terms describes the amount of pay an employee receives after deductions have been subtracted?
a)
Overtime Pay
b)
Gross Pay
c)
Net Pay
d)
Regular Pay
9.
Which type of tax helps to pay for retirement income for adults 62 and older?
a)
Medicare Tax
b)
Social Security Tax
c)
Federal Income Tax
d)
State Income Tax
10.
Noah earns $13.50 per hour and works 20 hours per week. What is his gross pay each week?
a)
$1.48
b)
$200.00
c)
$250.00
d)
$270.00
11.
Rea earns time and a half overtime pay when she works more than 40 hours per week. Her regular wage is $16 per hour. What is her gross pay for the week if she works 43 hours?
a)
$712.00
b)
$640.00
c)
$688.00
d)
$1,032.00
12.
Mia works in a coffee shop and receives a 15% tip on a $14.30 order. How much was the tip?
a)
$0.95
b)
$1.65
c)
$2.15
d)
$21.50
13.
Omar earns a salary of $65,800 per year. If he is paid biweekly, what will his gross pay be each pay period?
a)
$5,483.33
b)
$2,741.67
c)
$2,530.77
d)
$2,632.00
14.
Which of the following is NOT a benefit of using a budget?
a)
Budgets allow you to see how your money is being spent.
b)
Budgets allow you to spend more than you earn.
c)
Budgets can help keep you out of debt.
d)
Budgets keep you on track toward meeting financial goals.
15.
What is the first step in budgeting?
a)
calculating net monthly income
b)
acquiring employment
c)
finding a good budget app
d)
examining cash flow
16.
Which of the following would be considered a short-term savings goal?
a)
saving for college
b)
buying a used car
c)
paying to attend the regional championships
d)
buying a house
17.
What is the amount of income remaining after all bills and obligations are paid that can be used to purchase wanted goods and services?
a)
discretionary income
b)
variable expenses
c)
overconsumption
d)
luxury spending
18.
Kim earns $2,670 per month and would like to follow a 50/30/20 budget. How much should she save each month?
a)
$1,335.00
b)
$801.00
c)
$534.00
d)
$53.40
19.
Which budgeting strategy focuses on saving before spending money on other expenses?
a)
Zero-Based Budgeting
b)
Envelope Budgeting
c)
50/30/20 Budgeting
d)
Pay Yourself First Budgeting
20.
Would you categorize a monthly water bill as a want, a need, or savings?
a)
Want
b)
Need
c)
Savings
21.
Which of the following is true about a zero-based budget?
a)
Income – Taxes = 0
b)
Income – Expenses = 0
c)
Needs – Wants = 0
d)
Expenses – Savings = 0
22.
Ken earns a salary of $37,800 per year. How much should he budget for needs each month if he wants to follow a 50/30/20 budget?
a)
$3,150.00
b)
$630.00
c)
$945.00
d)
$1,575.00
23.
The primary purpose of a bank is to:
a)
cash checks.
b)
print money.
c)
pay interest.
d)
take deposits and make loans.
24.
Money given with the understanding that it will be paid back, typically with interest, is a _____.
a)
gift
b)
windfall
c)
debt
d)
loan
25.
Which type of financial institution is a non-profit organization owned by its members?
a)
National Bank
b)
Online Bank
c)
Credit Union
d)
Regional Bank
26.
What is the name of the organization that provides insurance to protect bank account funds if a bank fails?
a)
FDIC
b)
APY
c)
National Bank
d)
ATM
27.
Which of the following do NOT involve interest payments on purchases?
a)
personal loans
b)
credit cards
c)
debit cards
d)
title loans
28.
Which type of account is designed to hold money for a short time and help manage day-to-day expenses?
a)
Savings Account
b)
Checking Account
c)
Credit Cards
d)
Loans
29.
What is the name of the card that allows the user to make purchases using funds directly from their checking account?
a)
Credit Card
b)
Business Card
c)
Traditional Card
d)
Debit Card
30.
Which type of interest is calculated using the amount deposited into an account and all previously accrued interest?
a)
Compound Interest
b)
Simple Interest
c)
Credit Card Interest
d)
APY
31.
Doug deposits $5,670 into an account that earns 3% simple interest. How much will he earn in 4 years?
a)
$582.62
b)
$680.40
c)
$784.20
d)
$6,804.00
32.
Calculate the interest earned in one year on $350 deposited into an account with an APY of 2.5%.
a)
$8.75
b)
$9.85
c)
$87.50
d)
$17.50
33.
If you deposit $2,500 into an account that compounds interest monthly at an interest rate of 4%, how much will your deposit be worth in 3 years?
a)
$8,139.46
b)
$3,846.12
c)
$2,818.18
d)
$1,248.36
34.
Nina is saving for a new phone. She needs $650 and wants to buy the phone in 5 months. How much should she save per week? (Assume there are four weeks in a month.)
a)
$130.00
b)
$50.00
c)
$32.50
d)
$25.50
35.
Which of the following is a disadvantage of using a credit card?
a)
the convenience of purchasing now
b)
the ability to purchase expensive items
c)
it is widely accepted for payment
d)
it is subject to interest and fees
36.
One difference between a debit card and a credit card is that _____.
a)
payments made with a debit card are immediately deducted from your bank account
b)
debit cards provide better consumer protection
c)
debit cards can only be used for large transactions
d)
debit cards generate unsecured debt
37.
When you use a credit card to make a purchase, money is:
a)
borrowed from the bank and must be repaid.
b)
free.
c)
deducted directly from a checking account.
d)
returned in cash.
38.
Which of the following is true about credit reports?
a)
They are prepared once every five years.
b)
They list payment history and debt levels.
c)
They are used to determine taxes owed.
d)
They are only available to financial institutions.
39.
What is the highest possible credit score?
a)
425
b)
625
c)
850
d)
1000
40.
Credit card companies are required to disclose all terms and conditions using a:
a)
credit card statement.
b)
fee list.
c)
Schumer box.
d)
balance transfer.
41.
The smallest payment that can be made towards a credit card balance is called a:
a)
credit limit.
b)
finance charge.
c)
grace period.
d)
minimum payment.
42.
Which of the following is not one of the three credit bureaus?
a)
CreditCheck
b)
Equifax
c)
Transunion
d)
Experian
43.
Transferring debt from one credit card to another is called a:
a)
credit score.
b)
balance transfer.
c)
cash advance.
d)
debt swap.
44.
What does insurance protect against?
a)
Identity theft
b)
Financial loss from unexpected events
c)
Unexpected illness
d)
Bank failure
45.
Which word describes the amount of money you will pay before your insurance company begins to pay for a covered expense?
a)
Premium
b)
Policy
c)
Claim
d)
Deductible
46.
An auto insurance policy is designed to protect:
a)
Your personal health
b)
Your automobile
c)
Other people on the road
d)
Your net worth
47.
Which type of insurance would you recommend to someone concerned about their family's financial security if they unexpectedly pass away?
a)
Health Insurance
b)
Life Insurance
c)
Long Term Care Insurance
d)
Homeowners Insurance
48.
What does the number 50 represent in an auto insurance policy coverage that reads 25/50/10?
a)
The maximum coverage amount for bodily injury per person
b)
The maximum coverage amount for bodily injury per accident
c)
The maximum coverage amount for property damage per accident
d)
The maximum coverage amount for comprehensive and collision damage
49.
Which term describes the amount of money that is paid each month for an insurance policy?
a)
Claim
b)
Deductible
c)
Monthly Premium
d)
Copay
50.
Suppose a health insurance policy requires a $30 payment for each doctor’s visit. This payment is called a:
a)
Coinsurance
b)
Copay
c)
Premium
d)
Deductible
51.
Nico’s health insurance has a 25% deductible for x-rays. He recently received x-rays that cost $320. How much will he owe?
a)
$80
b)
$240
c)
$100
d)
$25
52.
Suppose a driver hits a mailbox with their car. Which type of insurance will pay for damage to their car?
a)
Bodily Injury Liability
b)
Property Damage Liability
c)
Comprehensive Coverage
d)
Collision Coverage
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